India, June 24 -- The Government of India has issued a release:
The Ministry of Statistics and Programme Implementation (MoSPI) is preparing to launch Index of Services Production (ISP) in July, 2026, which shall be a new macro indicator to measure the short-term changes in the growth of the services sector. As counterpart of the IIP which measures the economic growth of the industrial sector, ISP will cover the formal services sector and will be released on a monthly basis.
To assist MoSPI in the finalization of the conceptual & methodological framework for compiling ISP, a Technical Advisory Committee (TAC) on compilation of ISP, was constituted in May, 2025, under the chairpersonship of Ms. Debjani Ghosh, distinguished fellow, NITI Aayog. Apart from representatives from academia and the Industry associations, the TAC - ISP has members from the Ministries / departments of the services sector.
Based on the deliberations held in the TAC, MoSPI brought out an Approach paper comprising of detailed methodological approach and framework for compilation of ISP on 27th April, 2026, which was placed in the public domain for seeking comments and suggestions of various stakeholders.
The Report of the TAC - ISP will be released in first fortnight of July, 2026, which will inter-alia cover the scope and coverage, conceptual & methodological framework for compilation of ISP in alignment with the international best practices.
MoSPI envisages to release an overall ISP alongwith sub - sectoral indices on a trial basis. The sectoral coverage of ISP includes sub sectors like wholesale and retail trade, transport, banking, insurance, telecommunications, hotels & restaurants, real estate, professional, scientific and technical services, arts, entertainment & recreation, etc. Two sub - sectors, namely, Health and education services are proposed to be brought into the ISP framework later, after the results of Annual Survey of Incorporated Services Sector Enterprises (ASISSE) are released.
The base year of ISP is selected as 2024 -25. The trial monthly indices for the year 2025 -26 and for the month of April, 2026 are slated for release on 14th July, 2026. Thereafter, regular release of the monthly trial indices will be made with a lag of about 60 days on the 29th Day (or next working day in case of a holiday) of every month.
To assist users and other stakeholders in appreciating the methodological & conceptual framework of compilation of ISP series, MoSPI is releasing, through this press release, a booklet on Frequently Asked Questions (FAQs).
Disclaimer: Curated by HT Syndication.
